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Gold Ends Mixed in More Quiet, Late-Summer Trading

(Kitco News) - Gold prices ended the U.S. day session narrowly mixed Wednesday—futures a bit lower and spot a bit higher–as some mild short covering and a bit of safe-haven buying interest was offset by the still-weak near-term technical posture for gold. December Comex gold was last down $1.50 at $1,283.70 an ounce. Spot gold was last quoted up $2.10 at $1,283.25. December Comex silver last traded up $0.026 at $19.485 an ounce.

The market place was again subdued Wednesday, with no major worldwide economic data released and with no major headline news developments. Lackluster markets activity could persist the rest of this week, ahead of the unofficial end of summer that comes with the approaching U.S. Labor Day holiday weekend.

The feature in the market place this week has been the move to record highs in the major U.S. stock indexes. The major and very mature bull market run in the stock market continues, heading into the historically difficult months for equities: September and October.

European bond yields continued to edge lower Wednesday, with the key German 10-year bund hitting a record low yield of 0.92%. French, Italian and Spanish bond yields also fell to record lows Wednesday. Weak economic data coming out of the European Union this week, combined with the recent dovish comments from European Central Bank president Mario Draghi, suggest quantitative easing of EU monetary policy is coming from the ECB soon. Such has sunk the Euro currency to a 12-month low and boosted European bond market prices. Some safe-haven demand for gold is also coming from the EU economic worries.

On the geopolitics front, reports Wednesday said talks between Russia and Ukraine have so far failed to produce any significant results. The ISIS fighters in Iqraq and Syria continue to gain power and that’s also worrisome for the market place. This is also a bullish factor for the gold market.

The London P.M. gold fix was $1,282.75 versus the previous London A.M. fixing of $1,285.00.

Technically, December gold futures prices closed near mid-range Wednesday. Gold bears have the overall near-term technical advantage as a seven six-week-old downtrend is in place on the daily bar chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,250.00. First resistance is seen at Wednesday’s high of $1,288.20 and then at this week’s high of $1,291.90. First support is seen at Wednesday’s low of $1,280.90 and then at last week’s low of $1,273.40. Wyckoff’s Market Rating: 4.0

December silver futures prices closed near mid-range and saw tepid short covering in a bear market Wednesday. Silver prices are in a seven-week-old downtrend on the daily bar chart. The bears have the solid overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $20.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $19.00. First resistance is seen at $19.65 and then at last week’s high of $19.765. Next support is seen at last week’s low of $19.355 and then at $19.25. Wyckoff’s Market Rating: 2.5.

December N.Y. copper closed down 155 points at 319.70 cents Wednesday. Prices closed near mid-range. Copper bulls and bears are back on a level overall near-term technical playing field. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the July high of 329.45 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of 310.20 cents. First resistance is seen at Wednesday’s high of 321.55 cents and then at this week’s high of 324.60 cents. First support is seen at Wednesday’s low of 318.60 cents and then at 316.60 cents. Wyckoff’s Market Rating: 5.0.

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